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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (6872)	1/3/2006 11:24:53 PM
From: chowder	Respond to of 13449

Re: FNM ... 60 minute chart ... climatic buy set up ........ I mentioned being in FNM. Message 22023338 After price gapped up at the open, FNM had a steep sell off on the 60 minute chart. The price drop was steep enough to create a climatic buy set up. The strategy was to buy just above the high of the previous bar with the anticipation that once a higher high was established, price would gain some upside momentum. I closed this trade out for a small profit at the close. Given the amount of volume in the last hour, I did not appreciate the topping tail that formed on the last candle. The trade was profitable, it just didn't close strong enough for me to hold overnight. stockcharts.com[h,a]eaclyiay[d20051228,20060103][pb200!b20][vc60][J66004213,Y]&listNum=1 dabum